The Birth Of The Human Capital Theory In U.S. During The Middle Of The 20～(th) Century

The human capital theory is one kind of new economic theory which emerges in the American economics world in the middle years of the 20th century. This theory is the inevitable product of modern economy development in the US. Generally speaking, the speech on the human capital investment by American economist Theodore W.Schultz at the American Economic Annual Meeting of 1960 is the symbol which was born as the human capital theory. The human capital theory causeed the economist and sociologist's widespread attention immediately. Not only did the human capital theory open the new research area for the Western economics, moreover has had the significant influence to American and even the various countries government decision-making. This article discussed has analyzed the condition the human capital theory was produced in US, summarized the representative personage of the human capital theory and their thoughts, the core and insufficiency of the theory, and has discussed its theory significance and practice significance which the human capital theory produced.The thesis is composed of preface, text, conclusion and appendix. The text is composed of three parts.Part One inquires into the historical background and condition that the human capital theory emerged in the American economics world in the middle years of the 20th century, From the American Government policies, the cold war thought, the flaw of traditional economic theory, the rising of new technical.Part two outlines separately the thoughts of human capital economist , Theodore W.Schultz , Gary S Becker, Jacob Mincer and Edward F.Denison , who made the prominent contribution to the theory, and elaborates the core thought and insufficiency of human capital theory.Third part analyses the theory significance and influence to the American Government policies, the education policy of various countries and the modern business management system which the US human capital theory produced.Conclusion: the human capital theory is the request of the age and under many domain development support which has progressed in the time, and has had the positive influence to American and even worldwide scale politics, the economy and the education.